Louisbourg Investments Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 9, 2025), Louisbourg Investments Inc. reported 208 stock positions worth $458.2 million. Its top holding was Canadian Natl Railway (CNI) at 6.2% of the portfolio, followed by Shopify Class A (SHOP, 3.3%) and Microsoft (MSFT, 2.9%). Compared with Q2 2025, it opened 15 new positions, sold out of 7, added to 56 and reduced 52. The biggest buy was a new position in SSR Mining (SSRM) and the biggest sale an exit from Iamgold (IAG).
- Most Recent 13F
- Q2 2026
- Location
- DIEPPE, A3
- CIK
- 0002053050
- Portfolio Value
- $458.2M (Q3 2025)
- SEC Filing
- 0002053050-25-000011 ↗ filed Oct 9, 2025
Holdings Value
Holdings 208 stocks · $458.2M
| CNI Canadian Natl Railway Co. | 6.22% | 302,143 | $28.5M | Add +3.3% |
| SHOP Shopify Inc. Class A | 3.29% | 101,446 | $15.1M | Reduce -6.3% |
| MSFT Microsoft Corp. | 2.90% | 31,662 | $13.3M | Add +1.3% |
| WPM Wheaton Precious Metals Corp. | 2.76% | 113,228 | $12.7M | Reduce -2.3% |
| IVV iShares Core S&P 500 ETF | 2.69% | 18,400 | $12.3M | Reduce -5.0% |
| OR Or Royalties Inc. | 2.56% | 292,871 | $11.7M | Reduce -16.0% |
| GIL Gildan Activewear Inc. | 2.26% | 179,231 | $10.4M | Add +23.3% |
| RCI Rogers Communications Inc. Class B | 2.11% | 281,520 | $9.7M | Reduce -9.2% |
| GOOG Alphabet Inc. Class C | 2.09% | 47,788 | $9.6M | Reduce -5.2% |
| TSM Taiwan Semiconductor-SP ADR | 1.88% | 36,213 | $8.6M | Reduce -19.9% |
| BN Brookfield Corp. | 1.72% | 114,775 | $7.9M | Reduce -6.6% |
| VOO Vanguard S&P 500 ETF | 1.69% | 12,658 | $7.8M | Add +7.4% |
| IEFA iShares Core MSCI Eafe ETF | 1.69% | 88,591 | $7.7M | Add +4.9% |
| LSPD Lightspeed Commerce Inc. | 1.64% | 652,062 | $7.5M | Add +18.0% |
| CIGI Colliers Intl GR-Subord Vot | 1.60% | 46,847 | $7.3M | Reduce -22.6% |
| PBA Pembina Pipeline Corp. | 1.59% | 180,723 | $7.3M | Add +5.5% |
| QSR Restaurant Brands Intern | 1.56% | 111,215 | $7.1M | Add +50.1% |
| AMZN Amazon.com Inc. | 1.50% | 38,974 | $6.9M | Reduce -0.1% |
| CRM Salesforce Inc. | 1.48% | 36,802 | $6.8M | Add +26.2% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.46% | 103,164 | $6.7M | Reduce -12.1% |
| BDX Becton Dickinson and Co. | 1.45% | 46,790 | $6.6M | Reduce -5.7% |
| AVGO Broadcom Inc. | 1.44% | 23,610 | $6.6M | Reduce -11.5% |
| NTR Nutrien Ltd. | 1.40% | 109,503 | $6.4M | Reduce -7.2% |
| META Meta Platforms Inc. Class A | 1.37% | 10,914 | $6.3M | No change |
| TECK Teck Resources Ltd.-CLS B | 1.34% | 139,912 | $6.1M | Add +42.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.32% | 8 | $6.0M | No change |
| JNJ Johnson & Johnson | 1.29% | 39,572 | $5.9M | Reduce -6.0% |
| CNQ Canadian Natural Resources | 1.24% | 178,097 | $5.7M | Reduce -1.7% |
| ATS Ats Corp. | 1.23% | 215,295 | $5.6M | Add +112.1% |
| J Jacobs Solutions Inc. | 1.15% | 44,328 | $5.3M | No change |
| TMUS T-Mobile US Inc. | 1.14% | 27,319 | $5.2M | No change |
| A Agilent Technologies Inc. | 1.09% | 48,820 | $5.0M | Add +3.4% |
| GIB Cgi Inc. | 1.09% | 55,973 | $5.0M | Add +32.2% |
| URI United Rentals Inc. | 1.05% | 6,159 | $4.8M | Reduce -25.9% |
| CTSH Cognizant Tech Solutions-A | 1.05% | 91,986 | $4.8M | Add +14.6% |
| WTW Willis Towers Watson PLC | 1.02% | 17,671 | $4.7M | No change |
| TD Toronto-Dominion Bank | 1.01% | 57,951 | $4.6M | Reduce -21.7% |
| SSRM SSR Mining Inc. | 1.00% | 188,300 | $4.6M | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.99% | 49,455 | $4.5M | Add +0.1% |
| AEM Agnico Eagle Mines Ltd. | 0.98% | 26,725 | $4.5M | Add +0.7% |
| NGD New Gold Inc. | 0.96% | 614,100 | $4.4M | Reduce -10.4% |
| OTIS Otis Worldwide Corp. | 0.94% | 59,131 | $4.3M | Add +174.5% |
| KGC Kinross Gold Corp. | 0.94% | 173,500 | $4.3M | Reduce -17.9% |
| SAND Sandstorm Gold Ltd. | 0.92% | 338,282 | $4.2M | Reduce -19.7% |
| RY Royal Bank of Canada | 0.90% | 27,910 | $4.1M | Reduce -1.1% |
| CLS Celestica Inc. | 0.88% | 16,300 | $4.0M | Reduce -39.4% |
| FTS Fortis Inc. | 0.87% | 79,000 | $4.0M | Add +8.9% |
| VWO Vanguard Ftse Emerging Marke | 0.82% | 69,608 | $3.8M | Add +10.8% |
| DSGX The Descartes Systems Grp | 0.77% | 37,348 | $3.5M | Add +12.6% |
| COP Conocophillips | 0.77% | 48,642 | $3.5M | Reduce -0.1% |
| ORCL Oracle Corp. | 0.76% | 12,669 | $3.5M | Reduce -13.9% |
| UNP Union Pacific Corp. | 0.75% | 18,098 | $3.5M | Add +43.7% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.73% | 42,073 | $3.4M | Reduce -0.2% |
| ABT Abbott Laboratories | 0.73% | 31,544 | $3.3M | No change |
| DLTR Dollar Tree Inc. | 0.73% | 45,304 | $3.3M | Add +0.3% |
| DHR Danaher Corp. | 0.71% | 21,480 | $3.3M | New |
| CBRE CBRE Group Inc. Class A | 0.69% | 22,955 | $3.2M | Reduce -29.5% |
| DCBO Docebo Inc. | 0.66% | 111,672 | $3.0M | No change |
| ULTA Ulta Beauty Inc. | 0.66% | 7,280 | $3.0M | Add +16.1% |
| ROST Ross Stores Inc. | 0.64% | 24,635 | $2.9M | Reduce -18.5% |
| ACN Accenture PLC Class A | 0.64% | 15,360 | $2.9M | Add +9.1% |
| CP Canadian Pacific Kansas City | 0.60% | 36,700 | $2.7M | Add +27.8% |
| ALLE Allegion PLC | 0.59% | 18,725 | $2.7M | Reduce -14.7% |
| DG Dollar General Corp. | 0.59% | 35,302 | $2.7M | Add +35.3% |
| SU Suncor Energy Inc. | 0.58% | 63,931 | $2.7M | Reduce -18.4% |
| MCD McDonald's Corp. | 0.56% | 9,992 | $2.6M | No change |
| KKR KKR & Co. Inc. | 0.55% | 25,357 | $2.5M | Reduce -10.2% |
| V Visa Inc. Class A | 0.54% | 9,719 | $2.5M | No change |
| GFR Greenfire Resources Ltd. | 0.54% | 533,379 | $2.5M | Add +10.3% |
| STN Stantec Inc. | 0.50% | 21,284 | $2.3M | Reduce -17.6% |
| MRSH Marsh & McLennan Cos | 0.47% | 14,794 | $2.2M | Add +170.0% |
| RSP Invesco S&P 500 Equal Weight | 0.46% | 15,350 | $2.1M | Reduce -35.1% |
| ENTG Entegris Inc. | 0.45% | 30,325 | $2.1M | Reduce -12.9% |
| COST Costco Wholesale Corp. | 0.44% | 2,200 | $2.0M | No change |
| SAP Sap SE-Sponsored ADR | 0.44% | 7,580 | $2.0M | Add +81.3% |
| CNP Centerpoint Energy Inc. | 0.44% | 69,518 | $2.0M | Reduce -2.8% |
| WFC Wells Fargo & Co. | 0.39% | 28,744 | $1.8M | Reduce -0.3% |
| WMT Walmart Inc. | 0.38% | 17,045 | $1.8M | No change |
| HD Home Depot Inc. | 0.35% | 4,000 | $1.6M | Reduce -2.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.34% | 10,688 | $1.5M | Reduce -5.5% |
| KLAC KLA Corp. | 0.32% | 1,686 | $1.5M | Reduce -22.9% |
| GOOGL Alphabet Inc. Class A | 0.31% | 5,865 | $1.4M | No change |
| SHEL Shell PLC-ADR | 0.29% | 18,290 | $1.3M | No change |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.24% | 8,428 | $1.1M | No change |
| IGF iShares Global Infrastructur | 0.23% | 17,419 | $1.1M | Add +4.5% |
| CSGP Costar Group Inc. | 0.23% | 15,685 | $1.1M | Reduce -40.9% |
| ENB Enbridge Inc. | 0.20% | 18,508 | $933K | Add +21.7% |
| ASML ASML Holding NV-NY Reg SHS | 0.18% | 850 | $823K | Reduce -29.2% |
| NVDA Nvidia Corp. | 0.18% | 4,305 | $803K | Add +1.2% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.16% | 45,310 | $722K | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.15% | 1,409 | $708K | Add +6.0% |
| BP BP PLC-Spons ADR | 0.15% | 19,680 | $678K | No change |
| TRI Thomson Reuters Corp. | 0.14% | 4,256 | $661K | Reduce -6.2% |
| RIO Rio Tinto PLC-Spon ADR | 0.14% | 9,680 | $639K | No change |
| GS Goldman Sachs Group Inc. | 0.14% | 1,084 | $631K | No change |
| BHP BHP Group Ltd.-Spon ADR | 0.13% | 11,080 | $618K | No change |
| VEA Vanguard Ftse Developed ETF | 0.13% | 10,000 | $599K | No change |
| TRP TC Energy Corp. | 0.13% | 10,975 | $597K | No change |
| AAPL Apple Inc. | 0.12% | 2,640 | $565K | No change |
| BSX Boston Scientific Corp. | 0.12% | 7,280 | $535K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| IAG Iamgold Corp. | Sold out | 0.00% | −0.79 |
| FNV Franco-Nevada Corp. | Sold out | 0.00% | −0.71 |
| ORLA Orla Mining Ltd. | Sold out | 0.00% | −0.70 |
| OTEX Open Text Corp. | Reduce -99.9% | 0.00% | −0.68 |
| RSP Invesco S&P 500 Equal Weight | Reduce -35.1% | 0.46% | −0.29 |
| TD Toronto-Dominion Bank | Reduce -21.7% | 1.01% | −0.27 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -22.6% | 1.60% | −0.26 |
| CBRE CBRE Group Inc. Class A | Reduce -29.5% | 0.69% | −0.22 |
| NTR Nutrien Ltd. | Reduce -7.2% | 1.40% | −0.21 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -19.9% | 1.88% | −0.21 |
| CSGP Costar Group Inc. | Reduce -40.9% | 0.23% | −0.16 |
| STN Stantec Inc. | Reduce -17.6% | 0.50% | −0.16 |
| URI United Rentals Inc. | Reduce -25.9% | 1.05% | −0.15 |
| IVV iShares Core S&P 500 ETF | Reduce -5.0% | 2.69% | −0.15 |
| AMZN Amazon.com Inc. | Reduce -0.1% | 1.50% | −0.14 |
| KKR KKR & Co. Inc. | Reduce -10.2% | 0.55% | −0.13 |
| CLS Celestica Inc. | Reduce -39.4% | 0.88% | −0.11 |
| SU Suncor Energy Inc. | Reduce -18.4% | 0.58% | −0.11 |
| BDX Becton Dickinson and Co. | Reduce -5.7% | 1.45% | −0.10 |
| CNQ Canadian Natural Resources | Reduce -1.7% | 1.24% | −0.10 |
| ROST Ross Stores Inc. | Reduce -18.5% | 0.64% | −0.07 |
| BN Brookfield Corp. | Reduce -6.6% | 1.72% | −0.07 |
| TRI Thomson Reuters Corp. | Reduce -6.2% | 0.14% | −0.07 |
| BNS Bank of Nova Scotia | Reduce -12.1% | 1.46% | −0.07 |
| RCI Rogers Communications Inc. Class B | Reduce -9.2% | 2.11% | −0.05 |
| KLAC KLA Corp. | Reduce -22.9% | 0.32% | −0.05 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -29.2% | 0.18% | −0.05 |
| ENTG Entegris Inc. | Reduce -12.9% | 0.45% | −0.05 |
| IBM Intl Business Machines Corp. | Sold out | 0.00% | −0.04 |
| QGEN Qiagen N.V. | Sold out | 0.00% | −0.04 |
| CNP Centerpoint Energy Inc. | Reduce -2.8% | 0.44% | −0.04 |
| COP Conocophillips | Reduce -0.1% | 0.77% | −0.03 |
| COR Cencora Inc. | Reduce -83.5% | 0.01% | −0.03 |
| ORLY O'reilly Automotive Inc. | Reduce -81.8% | 0.01% | −0.02 |
| WFC Wells Fargo & Co. | Reduce -0.3% | 0.39% | −0.02 |
| AVGO Broadcom Inc. | Reduce -11.5% | 1.44% | −0.02 |
| MFC Manulife Financial Corp. | Reduce -6.7% | 0.08% | −0.01 |
| CBOE Cboe Global Markets Inc. | Reduce -37.8% | 0.02% | −0.01 |
| ALLE Allegion PLC | Reduce -14.7% | 0.59% | −0.01 |
| SAND Sandstorm Gold Ltd. | Reduce -19.7% | 0.92% | −0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -6.3% | 0.09% | −0.01 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −0.01 |
| DGX Quest Diagnostics Inc. | Sold out | 0.00% | −0.01 |
| CME Cme Group Inc. | Reduce -8.6% | 0.03% | −0.01 |
| AMTM Amentum Holdings Inc. | Reduce -87.1% | 0.00% | −0.00 |
| HD Home Depot Inc. | Reduce -2.4% | 0.35% | −0.00 |
| SLV iShares Silver Trust | Reduce -50.0% | 0.00% | −0.00 |
| BNT Brookfield Wealth Solutions | Reduce -7.7% | 0.00% | 0.00 |
| TJX TJX Companies Inc. | Reduce -5.5% | 0.34% | +0.01 |
| RY Royal Bank of Canada | Reduce -1.1% | 0.90% | +0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| SSRM SSR Mining Inc. | New | 1.00% | +1.00 |
| DHR Danaher Corp. | New | 0.71% | +0.71 |
| GIL Gildan Activewear Inc. | Add +23.3% | 2.26% | +0.57 |
| OTIS Otis Worldwide Corp. | Add +174.5% | 0.94% | +0.50 |
| ATS Ats Corp. | Add +112.1% | 1.23% | +0.47 |
| TECK Teck Resources Ltd.-CLS B | Add +42.5% | 1.34% | +0.41 |
| QSR Restaurant Brands Intern | Add +50.1% | 1.56% | +0.40 |
| MRSH Marsh & McLennan Cos | Add +170.0% | 0.47% | +0.26 |
| AEM Agnico Eagle Mines Ltd. | Add +0.7% | 0.98% | +0.24 |
| UNP Union Pacific Corp. | Add +43.7% | 0.75% | +0.19 |
| SAP Sap SE-Sponsored ADR | Add +81.3% | 0.44% | +0.14 |
| ULTA Ulta Beauty Inc. | Add +16.1% | 0.66% | +0.12 |
| LSPD Lightspeed Commerce Inc. | Add +18.0% | 1.64% | +0.12 |
| VOO Vanguard S&P 500 ETF | Add +7.4% | 1.69% | +0.11 |
| VWO Vanguard Ftse Emerging Marke | Add +10.8% | 0.82% | +0.09 |
| PBA Pembina Pipeline Corp. | Add +5.5% | 1.59% | +0.08 |
| B Barrick Mining Corp. | Add +380.2% | 0.07% | +0.06 |
| CP Canadian Pacific Kansas City | Add +27.8% | 0.60% | +0.06 |
| FTS Fortis Inc. | Add +8.9% | 0.87% | +0.06 |
| DG Dollar General Corp. | Add +35.3% | 0.59% | +0.06 |
| SLF Sun Life Financial Inc. | Add +664.1% | 0.07% | +0.05 |
| FOXA Fox Corp. Class A | Add +2000.0% | 0.05% | +0.05 |
| ANET Arista Networks Inc. | Add +1003.1% | 0.06% | +0.05 |
| AFL Aflac Inc. | Add +1945.5% | 0.05% | +0.05 |
| IMO Imperial Oil Ltd. | Add +1706.7% | 0.05% | +0.05 |
| WDC Western Digital Corp. | Add +1870.0% | 0.05% | +0.05 |
| UHS Universal Health Services-B | Add +1658.3% | 0.05% | +0.04 |
| LDOS Leidos Holdings Inc. | New | 0.04% | +0.04 |
| SNA Snap-on Inc. | Add +2800.0% | 0.04% | +0.04 |
| KR Kroger Co. | Add +3364.7% | 0.04% | +0.04 |
| GIB Cgi Inc. | Add +32.2% | 1.09% | +0.04 |
| ENB Enbridge Inc. | Add +21.7% | 0.20% | +0.04 |
| GEHC GE Healthcare Technology | Add +1650.0% | 0.04% | +0.04 |
| CSCO Cisco Systems Inc. | Add +655.6% | 0.05% | +0.04 |
| HPQ HP Inc. | Add +3714.3% | 0.04% | +0.04 |
| A Agilent Technologies Inc. | Add +3.4% | 1.09% | +0.04 |
| TAP Molson Coors Beverage Co. Class B | Add +2800.0% | 0.04% | +0.04 |
| COF Capital One Financial Corp. | Add +1520.0% | 0.04% | +0.04 |
| MCK McKesson Corp. | New | 0.03% | +0.03 |
| GFR Greenfire Resources Ltd. | Add +10.3% | 0.54% | +0.03 |
| EFA iShares MSCI Eafe ETF | Add +1726.7% | 0.03% | +0.03 |
| IEFA iShares Core MSCI Eafe ETF | Add +4.9% | 1.69% | +0.03 |
| SDY SS SPDR S&P Dividend ETF | New | 0.02% | +0.02 |
| BIP Brookfield Infrastructure Pa | Add +153.2% | 0.04% | +0.02 |
| NVDA Nvidia Corp. | Add +1.2% | 0.18% | +0.02 |
| MRK Merck & Co. Inc. | Add +189.6% | 0.02% | +0.01 |
| MA Mastercard Inc. Class A | Add +181.8% | 0.02% | +0.01 |
| XLV SS Health Care Select Sector | New | 0.01% | +0.01 |
| CHKP Check Point Software Tech | New | 0.01% | +0.01 |
| GD General Dynamics Corp. | New | 0.01% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 210 | $542.1M | CNI, SHOP, TECK, GOOG, IVV |
| Q1 2026 | 216 | $528.8M | CNI, SHOP, MSFT, GOOG, IVV |
| Q4 2025 | 213 | $501.9M | CNI, MSFT, GOOG, IVV, WPM |
| Q3 2025 | 208 | $458.2M | CNI, SHOP, MSFT, WPM, IVV |
| Q2 2025 | 200 | $424.3M | CNI, MSFT, SHOP, IVV, WPM |
| Q1 2025 | 180 | $368.0M | CNI, IVV, SHOP, MSFT, BNS |
| Q4 2024 | 168 | $381.0M | CNI, SHOP, BNS, BN, GIL |
| Q3 2024 | 173 | $395.4M | CNI, BNS, IVV, LSPD, TD |
| Q2 2024 | 169 | $356.9M | CNI, IVV, MSFT, TD, BNS |
| Q1 2024 | 164 | $359.7M | CNI, IVV, MSFT, TD, BNS |